§2621 Coos Bay Wagon Road Grant Fund; Annual Payments; Appraisal and Assessment of Land and Timber; Computation of Payments

Summary

Starting with the fiscal year after May 24, 1939, up to 75% of the money earned in any year from the Coos Bay Wagon Road grant lands must be paid each year from a special Treasury fund called the Coos Bay Wagon Road grant fund. The Treasury Secretary, after the Interior Secretary says it is okay, must pay that money to the treasurers of Coos and Douglas Counties. The split between the two counties is based on how much of the reconveyed grant land in each county is worth compared to the total. The money is to be used for the purposes set by the 1919 Act. Douglas County must receive only 50% of what it would otherwise get until it repays the Treasury for earlier charges it owes. Before any payment is made, the land and timber must be appraised within six months after May 24, 1939. A three-person committee will do the appraisal: one person for the Interior Secretary, one for both counties, and a third person agreed on by the Interior Secretary and the counties. That third person cannot be a federal employee or live in or own property in Coos or Douglas County. After appraisal, the land and timber will be assessed like similar private property, and the payments in place of taxes will be figured using the same tax rates as for similar private property.